by  Innocent Mujeri

While some suppliers of goods and services seem to be taking advantage of the lockdown to hike prices of their commodities, Nyaradzo Life Assurance Company (NLAC) has suspended the implementation of its premium adjustments which were set to commence on 1 May 2020 to complement Government’s efforts to contain the spread of COVID-19 disease.

In a statement released yesterday, NLAC said the decision to defer May 2020 premium adjustments was reached after considerations of how the COVID-19 pandemic has negatively impacted on its clients.

 “As part of measures to complement Government efforts to contain the spread of the COVID-19 pandemic across the whole country and the financial vulnerabilities this pandemic has caused on our clients, Nyaradzo Life Assurance Company would like to advise our valued clients that the implementation of the premium adjustment scheduled for 1 May 2020 has been deferred until further notice,” reads the statement from NLAC

A few weeks ago, NLAC advised its clients that it was going to increase monthly premiums for all policies starting May. However, the company reversed this decision to cushion its clients who have been financially burdened by the COVID-19 pandemic.

This comes at a time some unscrupulous businesses have taken advantage of the crisis to unjustifiably hike prices of basic goods.

Major retailers which have been allowed to continue operating during the lockdown period have hiked prices of most goods in a clear sign of profiteering out of the COVID-19 crisis.

During his engagement with the business community last week, President Mnangagwa urged the business sector to have a human face during this lock down period and desist from profiteering tendencies.

“I am disappointed that some of the entities are taking advantage of this pandemic and are hiking prices. This is disappointing. I appeal to you to have a human face in the face of this pandemic. It is not necessary for you to push me to take measures against you,” President Mnangagwa said then.

President Mnangagwa’s call for businesses to charge reasonable prices has been reiterated by the president of Confederation of Zimbabwe Retailers Association (CZRA), Denford Mutashu, who has vowed to descend heavily on retailers who are profiteering out of the crisis.

Economic analyst, Dereck Hove said companies should emulate what NLAC did and start charging reasonable prices for their goods and services.

He further said COVID-19 was everyone’s problem and businesses should not be seen profiteering at the expense of human life.